Omgeo, the world's leading provider of post-execution trade management services, announced today that Tony Remedios has joined the company as an account executive focused on Canada.
He is responsible for achieving regional revenue and growth targets and for executing against global sales initiatives as Omgeo continues to grow its client community in Canada.
Mr. Remedios comes to Omgeo with 17 years experience in the Canadian financial marketplace, with particular expertise in the post-execution software space. For the past six years, he ran a successful consulting practice where he worked with numerous investment managers, hedge funds and broker-dealers in Canada focusing on operational efficiency. Through this experience, Mr. Remedios developed critical technical and business expertise that will help Omgeo with its continued focus on Canada. He spent the previous 11 years at the former Financial Models Inc. (now part of SS&C) where he focused on the development and sales of their solutions to the Canadian marketplace.
"With this key addition to our Toronto-based team, Omgeo is well positioned for continued growth in Canada," said Timothy Keady, managing director of global sales at Omgeo. "Tony's market knowledge and experience will play a critical role in our success."
Omgeo has also expanded its custodial community with the addition of three Canadian banks, RBC Dexia Investor Services, CIBC Mellon Global Securities Services Company and State Street Corporation. The firms have agreed to accept settlement notifications via Omgeo Central Trade Manager® (Omgeo CTM), the global solution for central trade matching. Testing has been successfully completed with CIBC Mellon and testing is expected to commence in coming weeks with the other custodians. This expansion is in line with Omgeo's continuing effort to assist the Canadian community as the industry moves toward compliance with National Instrument 24-101. When used for domestic Canadian trades, Omgeo CTM aides investment managers (IMs) in compliance with National Instrument 24-101 - Institutional Trade Matching (ITM) and Settlement, mandated by the Canadian Securities Administrators. OOperational risks, costs and inefficiencies are significantly reduced as a result. Current Omgeo CTM users can achieve ITM rates upwards of 90 percent, allowing these firms to focus on exception processing and minimizing risk.
"We are pleased to include RBC Dexia, CIBC Mellon and State Street within our custodian community," Keady said. "All three firms have outstanding reputations within Canada and around the world. Because our community is our greatest asset, it is critical to include such industry leaders among our client base. We look forward to working with the banks to ensure our investment manager clients can fully realize the benefits of automation, such as reduced risk and more efficient processes, as well as compliance with NI 24-101."